Retirement accounts

2 replies
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If I moved $ from one retirement account to another in a different financial institution, do I need to reveal in turbo tax . . . . . and how? Help!

dmertzAnswer

Level 15

A direct rollover to or from a qualified retirement plan is reported on a code G Form 1099-R which is reportable on your tax return, but a trustee-to-trustee transfer from one IRA to another of the same type (traditional or Roth) where the funds are never paid to you personally is not reportable. For a trustee-to-trustee transfer of an IRA the original custodian is not to report it on any Form 1099-R and the receiving custodian is not to report receipt of the transfer in any way on Form 5498 because it is neither a distribution nor a rollover.

So whether or not the movement of your particular account is reportable depends on the type of the original and receiving accounts and how the funds were moved.

DavidD66

Alumni - Intuit

Yes, you will need to report it on your tax return, even if it was a trustee to trustee transfer. A trustee-to-trustee transfer of an IRA is a tax-free transaction. Although these type of transfers are not subject to tax withholding, they will be reported to you on Form 1099-R The total amount of the transfer will be in box 1. Box 2a - the taxable should be zero.

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dmertzAnswer

Level 15

So whether or not the movement of your particular account is reportable depends on the type of the original and receiving accounts and how the funds were moved.